Global Citizenship: The Future of U.S.-China Collaborations
The Knowledge Base: The Era of Advanced Packaging
Standard of Excellence: Finding and Developing Future Leaders in Manufacturing
SigmaTron Reports Financial Results for Q1 Fiscal 2024
September 12, 2023 | Globe NewswireEstimated reading time: 2 minutes
SigmaTron International, Inc., an electronic manufacturing services company, reported revenues and earnings for the fiscal quarter ended July 31, 2023.
Revenues from continuing operations decreased $7.1 million, or 7 percent, to $98.1 million in the first quarter of fiscal 2024, compared to $105.2 million for the same quarter in the prior year. Net income from continuing operations for the first quarter ended July 31, 2023, was $0.3 million, compared to net income of $3.1 million for the same quarter in the prior year. Diluted income per share from continuing operations for the quarter ended July 31, 2023 was $0.04, compared to $0.50 income per share for the same quarter in the prior year.
As previously reported, the Company sold a majority position of its wholly owned subsidiary, Wagz, Inc. (“Wagz”), effective April 1, 2023. As a result, the Company has reported results from Wagz for fiscal 2023 as discontinued operations. For the first quarter ended July 31, 2022, net loss from discontinued operations was $1.7 million. Diluted net loss per share from discontinued operations for the first quarter ended July 31, 2022 was $0.28.
Commenting on SigmaTron’s first quarter fiscal 2024 results, Gary R. Fairhead, Chief Executive Officer, and Chairman of the Board, said, “I’m disappointed to report what is essentially a breakeven quarter to begin our fiscal 2024. Our pre-tax profit was $107,964 for the quarter. As mentioned in our fiscal year-end press release, there was a significant amount of uncertainty with the general economy and our customers. It appears that the effort by the Federal Reserve to slow inflation has weakened the economy which has resulted in lower demand from some of our customers. We have certain customers whose demand remains quite strong and others who have experienced short-term softness. I’m expecting this uncertainty to continue through calendar year-end as those customers are indicating to us that they view this softness as a short-term condition and expect their requirements to pick up by year-end.
“While disappointing, we remain enthusiastic about the long-term prospects for our customers. We have several customers that participate in the infrastructure programs coming out of Washington D.C. and we have others in markets where they have a strong position and forecast future upside. Couple this with several new opportunities and we think that we can generate later this fiscal year, the revenue levels we have recently reported in the preceding fiscal year.
“The electronic component marketplace has modestly improved with the slowing of the economy. That’s encouraging from a supply chain perspective and should allow us to continue our focus on reducing inventory. That remains one of our important objectives during fiscal 2024. The geopolitical situation, specifically in Asia remains uncertain and may have an impact of how this fiscal year will proceed. The trade war with China does not seem to have any short-term solution so our focus remains working on Chinese domestic opportunities and other opportunities outside of sales directly to the United States. Regardless we will continue to grow our business while utilizing our experienced employees and our desirable footprint.”
Share on:
Suggested Items
GKN Aerospace Officially Opens $55 Million Repair Facility for Aero-Engine Components in San Diego
01/02/2025 | GKN AerospaceGKN Aerospace has opened a new 150,000 square-foot facility in San Diego, California, strengthening the company’s global repair network and commitment to sustainable, cutting-edge MRO solutions.
Knowles Completes the Sale of Its Consumer MEMS Microphone Business to Syntiant
01/01/2025 | BUSINESS WIREKnowles Corporation, a leading manufacturer of specialty electronic components for innovative technologies, including capacitors, radio frequency (RF) filters, advanced medtech microphones, and balanced armature speakers, announced that the sale of its Consumer MEMS Microphones business to Syntiant Corp has closed.
Zhen Ding Kaohsiung AI Park Obtained the Investment Approval by the Southern Taiwan Science Park Bureau
12/30/2024 | Zhen Ding TechnologyZhen Ding Technology Holding Limited, a global leading PCB manufacturer, reported, obtained the investment application of its subsidiary in Kaohsiung Al Park approved by the Southern Taiwan Science Park Bureau.
It’s Only Common Sense: What To Do When They Won’t Answer the Phone
12/30/2024 | Dan Beaulieu -- Column: It's Only Common SenseThis week, I put together some ideas based on some recent Rep 1:1 calls where there was a lot of talk about reps not being able to reach their customers, especially their target customers, no matter how hard they tried. This can be frustrating, but we are salespeople, so if we are determined and creative, we will find a way. As my mother used to say to my father when they were having money problems, “There is always a way.” They always found a way, and their problems were often more serious than a salesperson trying to get through to a potential customer.
Dan’s Biz Bookshelf: ‘Costovation: Innovation That Gives Your Customers Exactly What They Want—And Nothing More’
12/25/2024 | Dan Beaulieu -- Column: Dan's Biz Bookshelf"Costovation" by Stephen Wunker and Jennifer Luo Law delivers a refreshing perspective on innovation by focusing on "just enough" innovation—creating products and services that serve the customer's needs without unnecessary features or costs. This book is a revelation for business leaders seeking effective strategies when flashy, expensive innovations often dominate the market. The authors share how companies can thrive by delivering targeted, cost-effective innovation by offering customers precisely what they need.